Unlocking Growth with the Right CFO Tools

Today’s Chief Financial Officers (CFOs) are tasked with much more than creating financial reports. Alongside the CEO, they’re in charge of the company’s strategic direction, which requires leveraging many data points. Manually managing this information is impossible, especially when facing new priorities, new trends, and additional responsibilities such as people management and communicating with the board and investors.

The right CFO tools make all the difference. CFOs rely on technology to drive efficiency, ensure compliance, and improve financial planning. To stay competitive, organizations need a robust suite of CFO tools that streamline operations, provide real-time insights, and mitigate risk.

To overcome the challenges of managing a subscription-based business, SaaS CFOs need to leverage advanced technology and tools designed to streamline operations, enhance reporting accuracy, and make strategic decisions. In this guide, we’ll share the best software for CFOs in categories ranging from financial planning to risk management, including a guide to help financial leaders find the best solutions for their organizations.

Financial planning and analysis (FP&A) tools

FP&A tools help CFOs fulfill their primary role of managing a business’s financial health. These tools help with everything from budgeting to forecasting to financial reporting. Many can also help with data-driven decision-making with advanced reasoning features, helping CFOs predict future financial scenarios with greater accuracy and confidence.

FP&A tools provide up-to-date financial information for timely decision-making and often include features for cross-department communication. Many include scenario analysis, forecasting, and even automated data consolidation to reduce the chances of error and improve overall accuracy.

Platforms like Tableau enable CFOs to generate real-time dashboards, track key SaaS metrics, and forecast revenue trends with precision. These tools consolidate data from multiple sources to provide a unified view of financial performance. If your team relies heavily on Excel, Datarails is a top-ranked solution that automates data consolidation and reporting within Excel. Cube is also a popular CFO tool that integrates with Excel, Google, NetSuite, and QuickBooks, making it a fit for organizations with a more complex tech stack.

Compliance software

Although the legal department technically oversees compliance, the CFO also bears responsibility, particularly in financial matters. The challenge is that managing compliance manually is virtually impossible, leaving organizations vulnerable to regulatory actions, fines, and reputational harm. This software is an essential addition to the CFO’s tech stack, automating much of the compliance process to eliminate time-consuming tasks and enhance organizational security.

Compliance software comprises digital tools designed to help organizations adhere to industry regulations, legal standards, and internal policies. These solutions streamline the process of monitoring, managing, and enforcing compliance requirements, thereby reducing the risk of legal penalties while enhancing operational efficiency. Every solution differs, but most include features for:

• Regulatory adherence
• Mitigating risks
• Automating compliance tasks
• Preparing for audits

Some of the best software for CFOs includes Diligent, a governance and compliance (GRC) solution that unites the CFO and board to mitigate risk. Complying with standards like ASC 606 also requires specialized tools such as Zuora Revenue, which automates the complexities of revenue allocation and recognition.

Data analytics and business intelligence (BI) tools

BI tools allow CFOs and their teams to rapidly analyze a berth of data. They enable organizations to transform raw data into actionable insights, visualizing large volumes of data that CFOs can then use to make data-driven decisions.

Organizations rely on various data sources to gain insights into financial performance. Customer data platforms (CDPs) are essential for gaining deeper insights into customer behavior, which influences purchasing patterns and other preferences. Platforms like Segment or Amplitude help CFOs do just that, enabling better forecasting and targeted growth strategies.

Tools like Microsoft Power BI can analyze enterprise-level data and spot trends in that data in real time, visualizing the data to help finance departments take quick action. Tableau is another popular business intelligence CFO tool that’s known for being user-friendly, thanks to its drag-and-drop interface. Both solutions support multiple data sources, allowing data to be pulled from disparate systems into a single dashboard. However, it’s worth noting that these platforms don’t specialize in finance, which is why alternatives like Zuora are the best software for CFO business intelligence.

Risk management and cybersecurity tools

CFOs are now tasked with managing financial risks, but liabilities are everywhere. From data privacy laws to cybersecurity threats, CFOs must monitor an increasing number of risks in their organizations. Risk management and cybersecurity tools help identify, assess, and mitigate potential risks that could derail a company. These tools play a pivotal role in safeguarding sensitive information, ensuring regulatory compliance, and maintaining business continuity, which is especially helpful for enterprise CFOs managing a lot of data.

Risk management tools like Bitsight bridge gaps between compliance and security teams, continuously monitoring cybersecurity to keep financial information under lock and key. SolarWinds Access Rights Manager is another helpful CFO tool specializing in risk management that audits access, automates secure provisioning, and centralizes all cybersecurity-related compliance needs.

However, cybersecurity is only one aspect of the equation. CFOs must also stay vigilant against the risk of fraud. They need to ensure the accuracy and transparency of financial data for board members and shareholders, as fraud, theft, or errors can significantly undermine trust and potentially lead to legal issues for the organization. Zuora Fraud Protection gives your team additional peace of mind by offering protection for all payments processed with Zuora, helping you stay one step ahead of fraud.

Emerging tools and technologies

The CFO role is evolving to fit the needs of businesses, the market, and consumers. In this competitive environment, CFOs can’t rely on outdated tools or legacy technology—they need the best of the best. Emerging CFO tools are rapidly gaining popularity because they allow CFOs to make better decisions faster.

Artificial intelligence (AI), machine learning (ML), and other large language model (LLM) tools are revolutionizing every industry and department, including finance. Robotic process automation (RPA) and AI-powered tools reduce manual work, enhance accuracy, and provide predictive insights. These technologies help CFOs identify trends, optimize processes, and make proactive decisions.

However, SaaS CFOs also need additional tools to manage the complexity of subscription-based billing. Tools like Zuora simplify subscription management by automating tasks such as billing, renewals, and usage-based invoicing.

Criteria for selecting CFO tools

Your CFO tech stack will vary greatly depending on your industry, company size, and corporate goals. Consider these criteria to find the best software for CFOs and their teams:

• Primary need: Does the solution solve a problem in your business? Does it support essential functions like budgeting, forecasting, cash flow management, and compliance? Specialized, niche platforms can be helpful, but the best CFO tools can handle several functions in a single tool, which will reduce the complexity of your workflows.
• Automation: If you’re struggling to choose between two tools, choose the option that offers better automation. These time-saving features free CFOs from the minutiae of managing data so they can focus on higher-level projects. For example, look for AI-driven insights, workflow automation, and real-time financial data processing to reduce manual effort.
• Security: CFO tools store a lot of sensitive information, so vetting every potential tool with a critical eye for security is crucial. Choose software that includes data encryption, role-based access controls, and adherence to best practices like SOX, GAAP, and GDPR. When in doubt, ask your IT team to assess each platform for security to ensure it meets their standards.
• Compliance: Legalities are always a concern in finance. While most CFO tools offer a degree of security, double-check that the platform conforms to the legal standards in your industry and area. For example, if you buy a CFO tool based in another country, it may not be compliant with local laws.
• Customization and scalability: The best software for CFOs should allow some customization. It should also offer a flexible or modular setup so you can expand the platform as your business grows. Opt for a tool that scales with your business, offers flexible pricing, and allows customization for tailored financial reporting.
• Support options: How reachable is customer support when you have an issue? Financial systems should have as little downtime as possible, including with customer service. Opt for CFO tools that offer 24/7 customer support and thorough documentation. Finding a tool that offers onboarding or training is also helpful because it can reduce user errors.

Optimize finance to maximize growth

CFOs need more than just spreadsheets and intuition. Financial leaders need a powerful suite of tools to improve efficiency, reduce risk, and make data-driven decisions to succeed in this role. Investing in the right technology stack improves operational efficiency and empowers SaaS CFOs to focus on strategic initiatives. In fact, choosing the right CFO tech stack can future-proof your organization and unlock new opportunities for growth.

Get a platform that adapts, automates, and drives strategic growth. Zuora’s comprehensive subscription management solution is built to handle the complexities of recurring revenue models, streamlining billing, revenue recognition, and financial reporting. With seamless integrations, CFOs gain a unified view of financial health, eliminating inefficiencies and data silos.

The future of finance is digital. Request a Zuora Revenue demo now to equip your team with smarter tools to run a better business.